Franchise Attorneys
Supporting Franchisees
A franchise business is distinct from other business opportunities due to its unique structure and the relationship between the franchisor and franchisee. Our attorneys work hard to assist franchisees at every stage by leveraging their business acumen, legal skill, and knowledge of the franchise industry to offer strategic and personalized legal solutions. From initial review of the franchise disclosure document to negotiating an exit strategy, we provide the business legal support your business needs to succeed.
Evaluating The Franchise Opportunity
Franchise opportunities are sold in the United States through disclosure of a lengthy legal document known as the Franchise Disclosure Document (“FDD”). Receiving the FDD is an overwhelming process for most entrepreneurs. The vast majority of disclosure documents are several hundred pages long and the sheer volume can make it difficult to spot the important business and legal issues. We help entrepreneurs understand the business and legal terms of any FDD for a reasonable fixed legal fee. Our comprehensive review and support empower our clients to evaluate the franchise system, negotiate the right deal, and plan for success when launching a franchise business.
Reviewing the FDD and Signing the Franchise Agreement
The FDD is a legal document intended to educate buyers about the franchise business through a series of disclosures. Every FDD contains 23 separate areas of disclosures (referred to as “Items”), which are required across the United States pursuant to federal franchise law. These 23 items include the standard form franchise agreement, along with any other contracts that a prospective franchisee may be required to sign.
After we review the FDD, we provide our clients with a comprehensive report, recommend legal changes to the franchise agreement itself, and provide unlimited consultations with the business lead on the franchise opportunity.
We support franchisees through the process by providing business minded legal advice for a reasonable fixed fee.
Why Buy a Franchise?
The right franchise opportunity provides a pre-packaged, ready-to-implement business, with a proven formula for success. Purchasing a franchise simplifies the startup process by providing a clear blueprint, ongoing support, and a consistent model across multiple locations. In essence, a great franchise presents a turn-key solution.
Launching & Operating the Franchise Business
We excel at understanding the intricacies of franchise law, but we are trained and well-suited to provide ongoing transactional support to franchisees as they plan for success. Common legal services include:
Business Formation
At Waldrop & Colvin, we encourage our clients to create a legal entity for operation of the franchised business. We help by comparing the various legal entity structures, creating the legal entity, and drafting the formation and governing documents.
Contract Management
Our attorneys help entrepreneurs manage contracts with customers, vendors, and the franchisor. This includes drafting contracts to clearly outline terms, conditions, and obligations, tailoring the document to client’s specific needs. We also review contracts to identify potential risks and advise on negotiating favorable terms.
Dispute Resolution
Our attorneys help with all aspects of dispute resolution for Virginia based franchisees, from pre-litigation, alternative dispute resolution, to litigation. We have your back.
Commercial Lease Negotiation
The commercial lease process typically starts with a template lease agreement prepared by the landlord. The terms are often one-side and thats not in favor of the tenant. Negotiating a fair and balanced lease requires a partnership between business and legal.
Employee Relations
Attorneys play a vital role in managing employee relations by providing legal guidance and expertise to employers. Legal support includes policies and handbooks, offers and contracts, compliance, and much more.
Executing On an Exit Strategy
One of the reasons many entrepreneurs elect to proceed with a franchise brand is that it may be worth more than a comparable independent business when it comes time to exit. Executing on an exit strategy involves a strategic and well-organized process. It begins with clearly defining objectives, preparing the business for transition, and determining its fair market value. The selection of an appropriate exit strategy, whether through a sale, succession, merger, or other means, should align with predefined goals. Legal and regulatory compliance, effective communication with stakeholders, and negotiation and execution of agreements are critical steps. Financial planning for post-exit, addressing employee transitions, and ongoing monitoring and adjustments contribute to a successful execution. The process concludes with the finalization of the deal, encompassing asset transfers, settlement of obligations, and legal and financial transactions. A comprehensive approach, guided by experienced professionals, aims to achieve a smooth transition while optimizing value and mitigating risks.
Schedule a free consultation with a franchisee attorney today! Or if you prefer, call or email franchise attorney Derek Colvin. Please be sure to mention our special offer in your email.
Why Choose Our Law Firm?
World Class Legal
We deliver a comprehensive legal report and provide unlimited consultation for a very competitive flat rate. We understand franchise law and pass our knowledge on to you.
Accessible
We are accessible by text, call, e-mail, video-conference, or in person in Hampton Roads, Virginia. We make ourselves available for next-day appointments.
Responsive
We respond to our clients within hours, not days. We value open and honest communication. You can count on us to pickup when you call.
Flat Fee
We review franchise documents and advise clients on an $1,850 flat rate fee. Our competitive price and specialized knowledge are tough to beat.
Launch Today!
Opportunity awaits! Schedule a free video consultation today. We are located in Virginia Beach, Virginia, but we are available to support franchisees remotely through Zoom Video Conference.
